oil
- Business News
PTT Plc shifts gears: Oil giant explores new horizons
PTT Plc, Thailand’s oil and gas giant, is re-evaluating its tactics in the logistics sector, contemplating a shift away from its traditional petroleum roots. The national conglomerate is investigating fresh investment avenues in non-oil sectors, aiming to revamp its business footprint in the rapidly advancing world of logistics. Leading the charge is Chaya Chandavasu, PTT Senior Executive Vice-President for Corporate…
- Business News
Thai Oil Plc demands resolution of unpaid wages at Chon Buri project
Thai Oil Plc (TOP) is urging the resolution of unpaid wage issues that have led to protests at its Clean Fuel Project (CFP) in Chon Buri, Thailand. The country’s largest oil refinery by capacity has called upon the parent companies of the construction firms involved to address the payment delays affecting workers on site. TOP engaged the Unincorporated Joint Venture…
- Business News
Thailand, Cambodia to revive US$300 billion offshore oil field talks
The Pheu Thai-led coalition government is set to revive talks with Cambodia regarding the exploration of a contentious offshore oil and gas field, estimated to hold at least US$300 billion in reserves. This field has been a point of contention between the two nations since the 1970s. Prime Minister Paetongtarn Shinawatra, who assumed office in September following the Constitutional Court’s…
- Pattaya News
Oil stains littered across Jomtien Beach prompts cleanup efforts
Tourists at Jomtien Beach in Pattaya were met with an unfortunate sight as oil stains marred the sandy shores, clinging to their bodies and clothes. Numerous complaints from tourists regarding stubborn oil stains that couldn’t be washed off at Yinyom Beach prompted a cleanup effort by officials. The investigation revealed oil stains scattered across the beach and floating in the…
- Business News
Energy Ministry’s new bill targets stable oil and LPG prices
The Energy Ministry’s new bill aiming to control domestic oil and cooking gas prices requires a public hearing to assess its impact on oil traders and government revenue, according to an energy expert. Currently under review by the Council of State, the bill proposes the establishment of a new commission, akin to the Energy Regulatory Commission, to regulate retail prices…
- Thailand News
Thai Oil workers protest unpaid wages, ministry demands resolution
Hundreds of workers have been protesting outside Thai Oil’s refinery in Chon Buri since Wednesday, July 24 due to unpaid wages. The Labour Ministry has stepped in, urging relevant parties to resolve the issue promptly. Employees of Sinopec Engineering Group (Thailand) Co Ltd, a subcontractor for Thai Oil, initiated the protest after not receiving their salaries since May. The protest…
- Thailand News
Thailand’s oldest oilfield to get 300 million baht redevelopment
Thailand’s oldest oilfield is set for redevelopment with a budget of 300 million baht, as announced by the Defence Energy Department’s Northern Petroleum Development Centre (NPDC). The redevelopment plan of Fang Oilfield in Chiang Mai includes upgrading the oil refinery to Euro5 standards, enabling it to produce lower-sulphur diesel that is safe for car engines, according to Montri Jeennakorn, director…
- Business News
Thailand’s oil reserves expansion faces financial challenges
Plans to bolster Thailand’s strategic petroleum reserve (SPR) are encountering pushback from industry executives due to financial constraints. Thailand’s Energy Minister, Pirapan Salirathavibhaga, spearheaded an initiative to increase national oil reserve security by expanding the SPR as detailed in the 2024 oil plan. Pirapan aims to increase Thailand’s oil reserves, both crude and refined, from 50 days to 90 days…
- Automotive
Slash your car’s emissions with these simple tricks
Looking to cut down on your vehicle’s emissions? You’re not alone. With growing concerns over air quality and climate change, reducing emissions from our cars has become a priority for many. It’s not just about meeting state regulations or passing your next MOT; it’s about making a positive impact on the environment and improving your car’s performance and efficiency. Fortunately,…
- Business News
Thai Oil predicts surge in jet fuel demand despite slow economy
Despite forecasted sluggish economic growth, Thai Oil Plc, Thailand’s leading oil refinery in terms of capacity, envisages an upturn in demand for refined oil, particularly jet fuel, in the current year. Jet fuel consumption is predicted to surge by 24.2%, equating to an average of 16.8 million litres per day (MLD). This represents a considerable increase from the previous year’s…
- Business News
Fuel dispensers’ accuracy standards to tighten in Thailand
The Internal Trade Department of the Commerce Ministry is set to tighten the accuracy standards for fuel dispensers at petrol stations. The new directive seeks to lower the margin of error to ensure that consumers receive fair and accurate fuel measurements. The department expects to enforce the new criteria within the next one to two weeks. Chakra Yodmani, the department’s…
- Business News
Red Sea attacks reshape global oil market towards regionalisation
The global oil market is becoming increasingly regionalised due to militant attacks in the Red Sea and skyrocketing freight rates making more local supplies desirable. A decrease in tanker traffic through the Suez Canal is encouraging a divide, with one trading area centred around the Atlantic Basin, including the North Sea and the Mediterranean, and another focused on the Persian…
- Business News
Oil prices dip over 1% due to Saudi cuts and increased Opec production
Oil prices experienced a significant drop today, with a decrease of over 1% due to the substantial price reductions introduced by Saudi Arabia, a leading exporter, coupled with an increase in the Organization of the Petroleum Exporting Countries (OPEC) production. These factors successfully counterbalanced concerns about the growing geopolitical tension in the Middle East. During early trading, Brent crude saw…
- Thailand News
Thai Airways tests sustainable aviation fuel on Phuket-Bangkok flight
Thai Airways International and PTT Oil and Retail Business PLC piloted a flight employing sustainable aviation fuel (SAF) from Phuket to Bangkok yesterday, December 13. The initiative, which signals a significant stride towards an environmentally friendly aviation industry, was revealed during a media briefing at Phuket International Airport. Disathat Panyarachun, the head of PTT Oil and Retail Business PLC, explained…
- Business News
Saudi Arabia and Russia extend oil cuts, pushing Brent crude to ten-month high
The global oil market experienced a significant shift as Saudi Arabia and Russia disclosed their decision to prolong voluntary oil production cuts until the end of the year. This announcement pushed Brent crude prices to a peak unseen in the last ten months, reported Bangkok Post. The energy ministry of Saudi Arabia, the world’s leading crude oil exporter, stated that…
- Business News
PTTEP plans Middle East expansion for greater petroleum output and renewable energy
PTT Exploration and Production Public Company Limited (PTTEP) announced its strategic plans to centre business operations in the Middle East to expand petroleum output and explore opportunities for innovative energy enterprises, revealed Montri Rawanchaikul, PTTEP’s Chief Executive and President. On the domestic front, the company aims to escalate gas production at the Erawan gas field to 800 million standard cubic feet…
- Crime News
Illegal oil transport scandal leads to excise director’s suspension in Thailand
A recent internal investigation revealed the involvement of the Excise Department’s Prevention and Suppression Bureau director in a case regarding illegal oil transportation, intercepted by the Highway Police on June 7. The unnamed director’s alleged involvement came to light when he reportedly contacted the Highway Police Department (HPD) in an attempt to secure the release of a detained driver and…
- Business News
BAFS to build 1.2 billion baht oil pipeline linking Saraburi and Ang Thong
Bangkok Aviation Fuel Services Plc (BAFS) is set to construct a new 52-kilometre oil pipeline connecting Saraburi to Ang Thong, in a bid to enhance its trade in the northern region. The project, which is estimated to cost 1.2 billion baht, will facilitate oil transportation from the east to the north. BAFS is currently in discussions with Thai Petroleum Pipeline…
- Thailand News
Thailand’s Excise Department probes official’s involvement in oil smuggling case
An investigation is underway by Thailand’s Excise Department into allegations that a high-level official attempted to persuade police to release a truck carrying 15,000 litres of smuggled oil. The department’s Deputy Director-General Kriangkrai Pattanaporn revealed that a probe committee was formed to look into the arrest of the 47 year old driver, identified only as Sombat, in Prachuap Khiri Khan…
- Business News
Saudi Arabia announces fresh oil output cut amid recession fears
Riyadh unveiled a new oil output reduction on Sunday after a gathering of major producers focused on supporting prices despite concerns over a potential recession. The meeting involved the 13-member Organization of the Petroleum Exporting Countries (OPEC), led by Saudi Arabia, and its 10 partners, including Russia, and featured intense negotiations. Saudi Arabia announced a fresh cut of one million…
- World News
BP faces shareholder revolt over its changes in strategies
BP, the energy giant, is facing a shareholder revolt today due to its decision to slow its energy transition. Activist investors have pledged to block the re-election of the company’s board of directors’ chief in response. Numerous major UK pension funds have expressed their intention to oppose the renewal of Helge Lund’s mandate during the annual general meeting in London.…
- Thailand News
Oil tanker explosion in Thailand kills 8 people, 1 dog, injures 4, impacts 128
UPDATE Officials have recovered eight bodies from the wreckage of the oil tanker which exploded and caught fire at Ruammitr Dockyard in the Laem Yai district of Samut Songkhram province in central Thailand yesterday. Divers from the Dhammarasamimaneerat Foundation are no longer searching for bodies as the total number of people missing was believed to be eight. At least five…
- Thailand News
Oil tanker explosion in Thailand kills 1, 4 missing
At 9.30am, a large oil tanker docked in Samut Songkhram province, southwest of Bangkok, exploded and caught fire. At present, one person has been confirmed dead and four people are still missing. Firefighters from Mueang Samut Songkram Fire Station have got the fire under control at the shipyard Laem Yai subdistrict on the Mae Klong River. As the tanker was…
- World News
Sri Lanka suspends sale of petrol to public for next 2 weeks
The supply of petrol for cars in Sri Lanka has been suspended due to the country’s greatest economic crisis in decades. Only buses, trains, ambulances, and transport needed to deliver food will be permitted to refuel over the next 2 weeks. Authorities revealed that only 9,000 tonnes of diesel and 6,000 tonnes of gasoline are available to support the nation’s…
- Thailand video news
Thailand News Update | Prices for EVERYTHING set to rise in Thailand
The days of cheap diesel in Thailand are over with the government scrapping its subsidy to maintain the 30 baht cap on diesel fuel. The governments says that without the subsidy the real diesel prices in Thailand would be around 40 baht a litre. The government is appealing for understanding over the decision as they scramble for an alternative solution…
- World News
Global oil prices hit 14-year high as Western nations consider import ban on Russian oil
Global oil prices have risen more than 6%, surging to the highest prices since 2008 on Monday, as the US and European allies consider an import ban on Russian oil. Meanwhile, fears of a global oil supply shortage are being further compounded by the delay of Iranian crude’s potential return to global markets, as the Kremlin demands a guarantee that…
- Bangkok News
Thailand-based natural gas company stalls move on Myanmar following coup
Following the withdrawal of its French and US partners from a gas production project in Myanmar, Thailand’s PTT Exploration and Production Plc is stalling its next move by saying that it will make an official announcement early next month on whether to keep ties with the military in Myanmar or not. US-based Chevron Corp and France-based Total Energies both announced…
- World News
Indonesian navy seizes tanker and crew, says they stole oil
Indonesia’s navy announced today that it has seized a tanker and the tanker’s crew, the seamen were wanted on charges of stealing almost 300,00 barrels of crude oil out of Cambodia’s reserves. The ship was stopped on July 27 while it was off the coast of Sumatra, says the Indonesian navy. Days prior, Phnom Penh had issued a red notice…
- World News
All hopes dashed as Indonesian submarine found, 53 people presumed dead
All hopes are being dashed as officials say they have found debris from a missing Indonesian submarine, signaling that there are no survivors. 53 people were on the German-made KRI Nanggala-402 submarine when it lost contact during a torpedo military exercise in the Bali Strait early last Wednesday morning. Yesterday, searchers announced they had found oil and some debris in an area…
- World News
Search teams zero in on suspected location of missing Indonesian submarine on last day of its oxygen supply
Search teams say they are focusing on an area where the missing Indonesian submarine could be located. The area of interest is about 40 kilometres north of Bali, where oil has been found on the surface of the water. The head of the Indonesian military’s central information unit says the oil is near a dive point and where an object…
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